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NEWSBREAKING: President Buhari Releases Executive Order 8 - Politics - Nairaland

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NEWSBREAKING: President Buhari Releases Executive Order 8 by divinehand2003(m): 6:21am On Oct 11
President Muhammadu Buhari has released a new Executive Order into law.

The new order is meant to regulate money laundering and tax evasion.

The President released the new Executive Order number eight, tagged “Voluntary Offshore Assets Regularization Scheme, VOARS,” on Wednesday

The new Executive Order (008) took effect from Monday, October 8, 2018, the day it was signed by President Muhammadu Buhari.

The Senior Special Assistant to the President on Media and Publicity Garba Shehu, made this known in a Facebook post on Wednesday.

Nigerian taxpayers who hold offshore assets and incomes are expected to, within a period of 12 months, declare voluntarily those assets and pay taxes on them by the order.

When they do this, they should expect to derive certain specified benefits.

According to the order, “any taxpayer who truthfully and voluntarily complies with the conditions of the scheme, pays a one-time levy of 35 percent on the total offshore assets or pays all outstanding taxes, penalties and interest after forensic audit of their offshore assets and income shall obtain immunity from prosecution for tax offenses and offences related to offshore assets, among others.

“Equally, failure of any defaulting taxpayer to take advantage of this scheme shall, at the expiration of the scheme result in investigation and enforcement procedures concerning offshore assets anywhere in the world pursuant to information now readily available through automatic exchange of information between Nigeria and foreign countries.”

In accordance with the new order, the Federal Government, through the office of the Attorney-General of the Federation and Minister of Justice will set up a VOARS in Switzerland for all categories of taxpayers who have defaulted in the declaration of their offshore assets, payment of taxes due and collectible subject to the fulfillment of the terms and conditions as stipulated in the order, or any other subsequent complementary regulations that follow.

To avoid the abuse of this process, the Federal Government makes clear that the “scheme is open to all persons, entities, and their intermediaries holding offshore assets and are in default of their tax obligations in any way, including those who are not already under investigation by law enforcement agencies in Nigeria or any other country and have not been charged with any crimes including theft of public funds or obtaining offshore assets through corrupt practices.”

In signing the order, President Buhari noted that under the Nigerian law, every citizen has the duty to declare his or her income and assets and pay taxes on them but regretted that this, in most instances, had not been the case.

“The sad reality is that efforts to recover these taxes from defaulters through litigation are often frustrated by the complications caused by the change in the character and nature of such assets, insufficient financial intelligence, long delays in courts, among several other reasons,” the President said.

President Buhari is optimistic that the new scheme will help to facilitate the expedient regularization of offshore assets connected to Nigeria and lead to “a new expanded tax base for the Federal Government, and also fund the Nigeria Infrastructure Fund in Switzerland.”

http://dailypost.ng/2018/10/10/breaking-president-buhari-releases-executive-order-8/

5 Likes

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by whytediamond(m): 6:28am On Oct 11
This will make some PDP members uncomfortable as they are the majority that will be affected, that's because they will flout this new law and tag it political witch hunt.

The law in itself is good as long as it won't be targeted at a select few.

The main issue is this, I don't want to see the Buhari i voted for last term return for a second term, that's suicide for our democracy, the old man is so slow and has failed to deliver on ALL of his campaign promises.

I fear for Nigeria if Buhari wins a second term.

God bless Nigeria.

Buhari, back to Daura 2019!!!

34 Likes 4 Shares

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by theoldpretender(m): 6:28am On Oct 11
Hmm
Basically this is what happens when you arent earning enough cash from oil due to oil being below the breakpoint price of $140.

You increase the taxes.

9 Likes

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by mabaz(m): 6:29am On Oct 11
Great

1 Like

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by maxwell767(m): 6:29am On Oct 11
So?
Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by Zi: 6:29am On Oct 11
is Atiku the target?

4 Likes 1 Share

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by BruncleZuma: 6:29am On Oct 11
grin grin grin grin

The Ajala Strikes Back



Modified to reflect what I think about this bill...how's MTN working out for you?

3 Likes

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by ocheli92(m): 6:29am On Oct 11
Nice
Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by seanfer: 6:30am On Oct 11
Zi:
is Atiku the target?

Is Atiku a Tax Defaulter?

8 Likes

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by frankpro27(m): 6:31am On Oct 11
Seriously?
Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by divinehand2003(m): 6:31am On Oct 11
If he likes, he can release executive order 2019, he will still return to Daura as ex-president come 2019.

24 Likes

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by sekembaakesan(m): 6:31am On Oct 11
In dehvehlop voice...







Igbo amaka

1 Like

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by arantess(m): 6:32am On Oct 11
Double post
Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by momodub: 6:32am On Oct 11
Baba is working

5 Likes 2 Shares

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by tempest01(m): 6:32am On Oct 11
You cannot tax people after the country they are domiciled in have already taxed them

I mean this order is vague and far reaching and can only be to hound opposition members this elections period.

13 Likes 2 Shares

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by Ooduavoice: 6:33am On Oct 11
cheesy
Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by Hofbrauhaus: 6:34am On Oct 11
Buhari go and sleep....You know nothing SaiBaber

5 Likes 1 Share

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by Luciferlove: 6:34am On Oct 11
Atikulate in trouble

3 Likes 1 Share

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by Angrydaveed(m): 6:34am On Oct 11
whytediamond:
E

President, SPACEBOOKERS ASSOCIATION OF NAIRALAND

1 Like

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by Shegzy8(m): 6:37am On Oct 11
tempest01:
You cannot tax people after the country they are domiciled in have already taxed them

I mean this order is vague and far reaching and can only be to hound opposition members this elections period.

Tax laws and policies can be changed somehow to be more efficient or more favourable to the government..that is if they will utilise it well enough to aid development

2 Likes 1 Share

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by luizkyworld(m): 6:38am On Oct 11
Another diversionary tactics to divert our attention from talking about how Atiku will send him back to Daura, in a few months time. This men sure know how to apply "The 48 Laws of Power" in a dumb way.

5 Likes

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by Zi: 6:38am On Oct 11
seanfer:


Is Atiku a Tax Defaulter?
Basic manners teach us not to answer a question with a question. So I ask again: Is Atiku the target?
Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by tete7000(m): 6:38am On Oct 11
theoldpretender:
Hmm
Basically this is what happens when you arent earning enough cash from oil due to oil being below the breakpoint price of $140.

You increase the taxes.
And who says the oil breakpoint is $140/barrel? What is the average price of oil over the last 40 years? Oil price above $80/barrel is an anomaly, something that happens once in a blue moon. What is the average budgetary benchmark in the last twenty years? This is what you get when you have people are not frugal enough to manage the resources within their means. They always hope for one big money to come from somewhere to spent. Buhari and his government are spendthrift masquerading as efficient managers of resources. They always hope oil price will rise to $140/barrel for them to squander.

4 Likes 1 Share

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by link2ok22: 6:38am On Oct 11
sad
Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by rxmusa(m): 6:39am On Oct 11
In their own very eyes PMB is now the Anti Corruption Champion in Africa. This is the principal reason the idiots want him out. They cannot withstand another four years. They may all die. Cheap money is no longer flowing. Looted money is no longer available.

Tax evasion is a serious corruption

13 Likes 2 Shares

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by thunder74(m): 6:41am On Oct 11
To use decree dey hungry Buhari.

8 Likes 1 Share

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by yungrylex00(m): 6:41am On Oct 11
Now the lifeless president is suddenly active... I hope its not what I'm thinking.
Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by oloworulz(m): 6:42am On Oct 11
BruncleZuma:
grin grin grin grin

Ajala strikes back...first, Nigerians abroad are mostly criminals, now you want to tax them, ogbeni make up your jor...but wait oooh, wetin dem dey use the tax money do if all we hear is embezzlement and corruption?
u go school at all. Can't u read and understand

1 Like

Re: NEWSBREAKING: President Buhari Releases Executive Order 8 by Tychamps(m): 6:43am On Oct 11
I will lead the March to Daura on May 31st.

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